The firm's asset mix for international accounts was 100% equity as of March 31; equity assets were committed most heavily to Japan, Hong Kong, United Kingdom, Sweden and Switzerland.
As of the same date, its global account asset mix was 100% equity; equity assets were committed most heavily to the United States, Japan, Hong Kong, United Kingdom and Sweden.
The firm uses a top-down strategy that begins with country and currency analysis, followed by a review of sectors and companies. Fundamental and proprietary price momentum analysis are used, with emphasis placed on company visits.
Analysts or portfolio managers are stationed in Wilmington and Minneapolis. The firm has been registered with the SEC since 1986.
David F. Marvin is chief investment officer; Eugene J. Mulvaney, Jonas A. Stiklorius and Stephen J. Gannon are client contacts.
595 Market St., 30th Floor, San Francisco, Calif. 94105; phone: (415) 546-6056; fax: (415) 777-5699
(U.S. $ millions)
Total assets managed43,602
U.S. institutional tax-exempt assets40,601
Total international/global1,628
International1,284
*Active equity accounts162
*Indexed equity accounts1,122
Global344
*Balanced344
Mellon Capital Management Corp. had $1.284 billion in international accounts and $344 million in global accounts as of March 31.
The firm's asset mix for international accounts was 100% equity as of March 31; equity assets were committed most heavily to Japan, France, Germany, United Kingdom and Switzerland.
As of the same date, its global account asset mix was 70% equity and 30% bonds; equity assets were committed most heavily to the United States, Japan, Germany, France and United Kingdom.
The firm uses value-based tactical asset allocation and international country allocation strategies. It actively allocates assets across the major world capital markets. Passive strategies are used to replicate the performance of selected markets.
Analysts or portfolio managers are stationed in San Francisco.
The firm, a subsidiary of Mellon Bank Corp., has been registered with the SEC since 1983.
Thomas B. Hazuka is chief investment officer; Neil Brown is client contact.
Mercury Asset Management
International Ltd.
780 Third Ave., New York, N.Y. 10017; phone: (212) 751-8340; fax: (212) 751-8553
(U.S. $ millions)
Total assets managed5,338
U.S. institutional tax-exempt assets4,275
Total international/global4,275
International2,672
*Active equity accounts1,422
*Active bond accounts1,250
Global1,603
*Active equity accounts215
*Active bond accounts1,388
Mercury Asset Management International Ltd. had $2.672 billion in international accounts and $1.603 billion in global accounts as of March 31.
The firm's asset mix for international accounts was 53% equity and 47% bonds as of March 31; equity assets were committed most heavily to Japan, Netherlands, France and Australia.
As of the same date, its global account asset mix was 13% equity and 87% bonds; equity assets were committed most heavily to Japan, United States, United Kingdom, Switzerland and Netherlands.
The firm's equity approach is both top-down and bottom-up. Its diversified portfolios hold approximately 100 mid- to large-cap stocks. Its fixed income approach is top-down, emphasizing major government bond markets. It separates currency and bond decisions and actively manages duration.
Analysts or portfolio managers are stationed in London, Hong Kong, Melbourne, Montreal, New York, Singapore and Tokyo.
The firm, a subsidiary of Mercury Asset Management Group PLC, has been registered with the SEC since 1976.
Steven W. Golann and J. Eric Nelson is client contact.
Miller Anderson & Sherrerd
1 Tower Bridge, West Conshohocken, Pa. 19428; phone: (610) 940-5000 ; fax: (610) 940-5189
(U.S. $ millions)
Total assets managed36,239
U.S. institutional tax-exempt assets33,716
Total international/global2,639
International1,315
*Active equity accounts1,191
*Active bond accounts45
*Emerging market equity40
*Emerging market debt39
Global1,324
*Active equity accounts417
*Active bond accounts907
Miller Anderson & Sherrerd L.L.P. had $1.315 billion in international accounts and $1.324 billion in global accounts as of March 31.
The firm's asset mix for international accounts was 93.6% equity and 6.4% bonds as of March 31; equity assets were committed most heavily to Japan, United Kingdom, France, Germany and Hong Kong.
As of the same date, its global account asset mix was 31.5% equity and 68.5% bonds; equity assets were committed most heavily to United States, Japan, United Kingdom, Hong Kong and Germany.
The firm's investment approach is research driven, focusing on economic, interest-rate and currency trends and conservative valuation techniques.
Analysts or portfolio managers are stationed in West Conshohocken.
The firm, a subsidiary of Morgan Stanley Asset Management, has been registered with the SEC since 1974.
Richard B. Worley is chief investment officer; Tracey Ivey is client contact.
Morgan Grenfell Investment
Services Ltd.
20 Finsbury Circus, London, England, EC2M 1NB; phone: (44-171) 256-7500; fax: (44-171) 588-7700
(U.S. $ millions)
Total assets managed13,179
U.S. institutional tax-exempt assets8,749
Total international/global8,749
International5,052
*Active equity accounts4,135
*Active bond accounts835
*Balanced82
Global3,697
*Active equity accounts28
*Active bond accounts2,736
*Emerging market equity252
*Emerging market debt681
Morgan Grenfell Investment Services Ltd. had $5.052 billion in international accounts and $3.697 billion in global accounts as of March 31.
The firm's asset mix for international accounts was 80% equity, 16% bonds and 4% cash as of March 31; equity assets were committed most heavily to Japan, United Kingdom, Netherlands, Sweden and France.
As of the same date, its global account asset mix was 8% equity, 88% bonds and 4% cash; equity assets were committed most heavily to Japan, United States, United Kingdom, Sweden and Netherlands.
The firm is primarily a bottom-up manager emphasizing growth stocks. Regional allocations and currency analysis are secondary. Its fixed-income management is active for currencies, markets and issues. Currency and bond market decisions are considered separately. Currency forwards and options are used for hedging.
Analysts or portfolio managers are stationed in London, Tokyo, Singapore, Hong Kong, New York and Philadelphia.
The firm, a subsidiary of Morgan Grenfell Asset Management/Deutsche Morgan Grenfell, has been registered with the SEC since 1977.
Michael Bullock is chief investment officer; James E. Minnick is client contact in New York at (212) 230-2600.
J.P. Morgan Investment
Management Inc.
522 Fifth Ave., New York, N.Y. 10036; phone: (212) 837-2300; fax: (212) 768-0557
(U.S. $ millions)
Total assets managed144,549
U.S. institutional tax-exempt assets95,276
Total international/global16,832
International14,516
*Active equity accounts10,543
*Active bond accounts1,884
*Emerging market equity1,787
*Balanced302
Global2,316
*Active equity accounts471
*Active bond accounts541
*Balanced1,304
J.P. Morgan Investment Management Inc. had $14.516 billion in international accounts and $2.316 billion in global accounts as of March 31.
The firm's asset mix for international accounts was 86% equity and 14% bonds as of March 31.
As of the same date, its global account asset mix was 44% equity and 56% bonds.
The firm actively manages asset mix, currency exposure and security selection through a systematic decision-making process, tailoring investment strategies for clients' objectives.
In addition to assets listed above, $28 million in U.S. institutional, tax-exempt assets are managed in international and global accounts on the firm's behalf by external managers.
The firm runs $11.294 billion of U.S. institutional, tax-exempt assets in currency overlay; $1.737 billion of the underlying assets is managed internally.
Analysts or portfolio managers are stationed in New York, London, Tokyo, Frankfurt, Melbourne and Singapore.
The firm, a subsidiary of J.P. Morgan & Co., has been registered with the SEC since 1984.
Thomas Luddy is chief investment officer; Douglas Fleming is client contact.
Morgan Stanley Asset
Management
1221 Avenue of the Americas, New York, N.Y. 10020; phone: (212) 296-7186; fax: (212) 296-2037
(U.S. $ millions)
Total assets managed61,252
U.S. institutional tax-exempt assets20,907
Total international/global9,097
International8,579
*Active equity accounts5,882
*Emerging market equity2,197
*Emerging market debt500
Global518
*Active equity accounts332
*Active bond accounts114
*Balanced50
*Other22
Morgan Stanley Asset Management had $8.579 billion in international accounts and $518 million in global accounts as of March 31.
The firm's asset mix for international accounts was 94% equity and 6% bonds as of March 31; equity assets were committed most heavily to Japan, Germany, Netherlands, United Kingdom and France.
As of the same date, its global account asset mix was 64% equity, 22% bonds and 14% other; equity assets were committed most heavily to United States, Germany, Japan, France and United Kingdom.
The firm's investment approach is value driven and bottom-up.
Analysts or portfolio managers are stationed in New York, London, Singapore, Tokyo and Bombay.
The firm, a subsidiary of Morgan Stanley Inc., is registered with the SEC.
Barton Biggs is chief investment officer; Richard Woolworth is client contact.
Neuberger & Berman
605 Third Ave., New York, N.Y. 10158; phone: (212) 476-9000; fax: (212) 476-9191
(U.S. $ millions)
Total assets managed40,812
U.S. institutional tax-exempt assets14,541
Total international/global500
International100
*Active bond accounts100
Global.........................................................400
*Active bond accounts400
Neuberger & Berman had $100 million in international accounts and $400 million in global accounts as of March 31.
The firm's asset mix for international accounts was 98% bonds and 2% cash.
As of the same date, its global account asset mix was 99% bonds and 1% cash.
The firm's fixed-income approach focuses on countries with attractive real yields; currencies are managed through adjusted purchasing power parity.
For equity management, it is value oriented with top-down country and bottom-up stock selection.
Analysts or portfolio managers are stationed in New York.
The firm is registered with the SEC.
Richard Cantor is chief investment officer; Martin McKerrow is client contact.
Nomura Capital Management
180 Maiden Lane, Suite 2903, New York, N.Y. 10038; phone: (212) 509-8181; fax: (212) 509-8835
(U.S. $ millions)
Total assets managed5,449
U.S. institutional tax-exempt assets4,440
Total international/global4,440
International4,400
